Stock Traders Purchase Large Volume of Call Options on Unusual Machines (NYSEAMERICAN:UMAC)

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) was the target of unusually large options trading on Thursday. Stock traders acquired 36,144 call options on the stock. This represents an increase of 379% compared to the average daily volume of 7,552 call options.

Unusual Machines Price Performance

Unusual Machines stock traded up $11.83 during trading hours on Thursday, reaching $30.66. The stock had a trading volume of 42,171,170 shares, compared to its average volume of 4,671,859. The company has a market cap of $1.47 billion, a price-to-earnings ratio of -73.00 and a beta of 14.32. The business’s 50 day moving average price is $14.86 and its 200-day moving average price is $13.67. Unusual Machines has a 52 week low of $4.81 and a 52 week high of $32.00.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its earnings results on Thursday, May 14th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.15). The firm had revenue of $8.10 million during the quarter, compared to the consensus estimate of $5.54 million. Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%. On average, sell-side analysts forecast that Unusual Machines will post -0.38 EPS for the current fiscal year.

Insider Transactions at Unusual Machines

In other news, CFO Brian Joseph Hoff sold 11,413 shares of Unusual Machines stock in a transaction on Monday, March 16th. The stock was sold at an average price of $18.59, for a total transaction of $212,167.67. Following the completion of the sale, the chief financial officer directly owned 514,062 shares in the company, valued at approximately $9,556,412.58. This trade represents a 2.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Andrew Ross Camden sold 9,625 shares of Unusual Machines stock in a transaction on Monday, March 16th. The stock was sold at an average price of $18.57, for a total value of $178,736.25. Following the sale, the president owned 356,375 shares of the company’s stock, valued at approximately $6,617,883.75. This trade represents a 2.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 35,768 shares of company stock worth $666,037. 7.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Unusual Machines

A number of large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its holdings in Unusual Machines by 213.2% in the first quarter. Bank of America Corp DE now owns 38,963 shares of the company’s stock worth $483,000 after purchasing an additional 26,524 shares in the last quarter. Royal Bank of Canada raised its holdings in Unusual Machines by 27.8% in the first quarter. Royal Bank of Canada now owns 68,382 shares of the company’s stock worth $848,000 after purchasing an additional 14,895 shares in the last quarter. Empyrean Capital Partners LP bought a new position in Unusual Machines in the first quarter worth about $620,000. DLD Asset Management LP bought a new position in Unusual Machines in the first quarter worth about $496,000. Finally, Cetera Investment Advisers boosted its holdings in Unusual Machines by 23.1% in the first quarter. Cetera Investment Advisers now owns 17,884 shares of the company’s stock worth $222,000 after acquiring an additional 3,353 shares in the last quarter.

Analysts Set New Price Targets

Several analysts have recently weighed in on UMAC shares. Roth Mkm started coverage on Unusual Machines in a research report on Wednesday, May 13th. They set a “buy” rating and a $25.00 target price for the company. Needham & Company LLC lifted their target price on Unusual Machines from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $22.33.

About Unusual Machines

Unusual Machines, Inc designs, manufactures, and sells ultra-low latency video goggles for drone pilots. It operates a drone-focused e-commerce marketplace. The company serves drone pilots, hobbyists, and recreational services. The company was formerly known as AerocarveUS Corporation and changed its name to Unusual Machines, Inc in July 2022. Unusual Machines, Inc was incorporated in 2019 and is based in Orlando, Florida.